Tyro to provide up to $250,000 growth funding to Australia’s most innovative SMEs
TYRO is today launching a national search to solve Australia’s staggering $7 billion small business efficiency gap.
Tyro is asking Australia’s two million small and medium-sized businesses (SMEs) to offer their most innovative ideas on how to improve efficiency and boost growth.
Through its new Smart Growth Grant program, Tyro will provide up to 10 grants of $25,000 each to businesses with the most progressive ideas in an effort to encourage Australian SMEs to start looking at ways to increase efficiencies and become more competitive.
Tyro CEO Jost Stollmann said inefficiency and access to capital were the biggest impediments to SME growth.
“Our research tells us that inefficient business banking processes cost SMEs on average $7,800 per year, or almost $7 billion nationally.
“With the Smart Growth Grant program, Tyro intends to do two things: crowdsource ideas we can share with the business community to help close the efficiency gap, and provide funding for up to 10 businesses to help them kick-start their next phase of growth,” he said.
The grants program announcement was made at today’s Tyro nextGen Business Banking Summit, which brings business software and service providers together with Fintech start-ups to discuss the efficiency benefits of frictionless mobile banking technology.
At the Summit Mr Stollmann revealed his vision for nextGen banking: cloud-based, totally integrated and mobile banking that encompasses EFTPOS, payments and cash-flow-based unsecured growth funding – something SMEs have been crying out for.
“Along with efficiency, swift access to working capital is the most important driver of competitive growth for Australian SMEs,” Mr Stollmann said.
“Ensuring these businesses have access to cash-flow-based lending and efficient solutions that allow them to invest, innovate and grow, is absolutely critical to sustain the engine room of the Australian economy.”
Last month, Tyro published a report which revealed the extent to which banking inefficiency is hurting SMEs, with 44 per cent of businesses being robbed of 19.5 days per year – the equivalent of a year’s worth of annual leave for the average working employee – on online business banking processes.
This is important because while SMEs provide about 50 per cent of private sector employment and contribute 46 per cent of GDP, their contribution is slowing.
Tyro Smart Growth Grant program
Tyro Smart Growth Grant program https://tyro.com/smart-growth-grant-2016/. Grant applications will be accepted between 15 September 2016 and 15 November, 2016.
Tyro SME Report
The Tyro SME report, Exploring banking inefficiencies for SMEs was released on 15 August 2016. It draws on a variety of data that is publicly available from both the public and private sector. It also features data obtained through a bespoke survey of 803 Australian SME owner/operators, conducted in May 2016. The full report can be downloaded from https://tyro.com/sme-report/
About Tyro Payments Limited
Tyro is Australia’s only independent EFTPOS banking institution and is the first new entrant into the banking business in more than 18 years. Tyro holds an authority under the Banking Act to carry on a banking business as an Australian Deposit Taking Institution (ADI) and operates under the supervision of the Australian Prudential Regulation Authority (APRA). Tyro provides credit, debit, EFTPOS card acquiring, Medicare and private health fund claiming and rebating services as well as a transaction and deposit account integrated with Xero cloud accounting. Tyro takes money on deposit and offers unsecured cash-flow based lending to Australian EFTPOS merchants.